STATES & CITIES: Debts & Delinquencies

¶ Chicago, second U. S. city, could not pay its debts last week. The community had in the past mortgaged itself for 320 million dollars. Dec. 31 it was obligated to pay $11,312,928 on interest and principal. It lacked the money. It lacked cash to pay even school teachers, policemen, firemen, and other public servants. As a device to raise cash Mayor Anton Joseph Cermak with Board Chairman James Simpson of Marshall Field & Co. tried to sell $36,000,000 of "tax anticipation warrants." Few investors bought. For a third of the district's real estate tax...

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